Crypto companies such as Coinbase Global and Circle have sought legislation to bring regulatory clarity to their businesses after costly battles with regulators under the Biden administration. They found allies in Trump and many Republicans after pouring money into last year’s election.

The cryptocurrency industry reached a major milestone in Washington on Thursday, as Congress cleared legislation outlining the first federal rules for stablecoins, a popular form of digital currency....

One of the bills, which would regulate a type of cryptocurrency called stablecoins, has already passed the Senate with broad bipartisan support and will head to Trump’s desk if it passes the lower cha...